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Collect Receipts to Track Spending

Savvy Tip: Track Your Spending by Collecting Receipts

There are plenty of ways (and apps) to help you track your finances, but for those who aren't exactly tech-savvy — or who simply can't sit still long enough to manually enter each and every purchase — collecting receipts can be a great, hassle-free money management technique.

Here's how it works: When you receive a receipt, place it in a small coin purse that you can transfer into whichever bag you choose to carry that day. Every time you add a receipt to the coin purse, you'll have a visual reminder of how many purchases you've made recently — and a better idea of whether or not you need to cut back on those afternoon lattes.

Empty the coin purse weekly and stash the stack of receipts in a special drawer or folder. Then, at the end of the month, paperclip all the receipts together and add a label that marks the month plus your total dollars spent. That way, next time you need to analyze your budget or reassess your finances, everything is in its place.

Image Source: Thinkstock
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